IndusInd CEO search: Bank shortlists three names for RBI review, includes Axis Bank’s Rajiv Anand

IndusInd Bank has submitted three names — Rajiv Anand, Rahul Shukla, and Anup Saha — to the Reserve Bank of India (RBI) for the position of managing director and CEO, with the board recommending Anand as its top choice, Reuters reported citing two sources.The shortlist comes after the resignation of former CEO Sumant Kathpalia and deputy CEO Arun Khurana in April, following a $230 million hit the bank took due to years of mis-accounting of internal derivative trades. The RBI had directed the private lender to submit candidates for the top post by June 30.“The board has suggested a three-year term for the chief executive,” one of the sources told Reuters. The sources declined to be named as they are not authorised to speak with the media.Anand currently serves as deputy managing director of Axis Bank and has held key roles in global financial institutions. Shukla, presently on sabbatical, was group head at HDFC Bank, while Saha is managing director at Bajaj Finance and has over two decades of experience in financial services."Rajiv Anand's name has been given as first priority by the board, given his reputation and the experience he brings to the table," one of the sources added.As of Monday, IndusInd Bank shares were trading 0.6% higher but are still down 10% so far in 2025, according to Reuters. The RBI, IndusInd Bank, and the candidates did not respond to Reuters' requests for comment.